REG - Empiric Student Prop - Director/PDMR Shareholding

Empiric Student PropertyAnnouncement

14/04/2023 07:00

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RNS Number : 1750W  Empiric Student Property PLC  14 April 2023

 

 

Empiric Student Property plc

 

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

 

Annual Deferred Bonus share awards and Long-Term Incentive Plan option awards

PDMR Notification

 

The Board of Empiric Student Property plc (ticker: ESP), the owner and
operator of student accommodation serving key UK universities, announces the
following awards to persons discharging managerial responsibilities:

 

Annual Deferred Bonus Award

 

On 14 April 2023, the Company granted Duncan Garrood, Chief Executive Officer,
nil-cost options over 125,483 ordinary shares in the Company ("Ordinary
Shares") relating to the deferred shares element of the annual bonus award
for the financial year ending 31 December 2022 (the "Annual Bonus Award
2022").

 

The Annual Bonus Award 2022 is not subject to any further performance
conditions and in normal circumstances will be exercisable on or after the
third anniversary of the date of grant.

 

Long Term Incentive Plan Options

 

On 14 April 2023, Duncan Garrood was granted nil-cost options over 722,233
Ordinary Shares, and Donald Grant, Chief Financial and Sustainability
Officer, was granted nil-cost options over 510,848 Ordinary Shares pursuant
to the Empiric Long Term Incentive Plan for the 2023 financial year (the
"LTIP").

 

The options granted under the LTIP represents the number of Ordinary Shares
based on the maximum 150% salary permitted that may be granted to Duncan
Garrood and Donald Grant under the LTIP.

 

The vesting of the LTIP award is subject to a three-year performance period
and two performance measures, each being 50% of the award: Total Accounting
Return (target range of 6-10% p.a.) and Total Shareholder Return relative to a
FTSE All Share Real Estate companies peer group. The Executive Directors'
awards are also subject to an additional holding period of two years before
being released and becoming exercisable.

 

The LTIP transaction took place in the United Kingdom, with a grant date of
14 April 2023 and on this date Duncan Garrood and Donald Grant were notified.

 

The price used to calculate the number of Ordinary Shares under the Annual
Bonus Award 2022 and the LTIP is 88.56 pence per share, representing the
average of the daily closing prices of the Ordinary Shares on the London Stock
Exchange for the 12-month period ended 28 February 2023.

 

The total number of Ordinary Shares over which nil-cost options were granted
to the Executives on 14 April 2023 represents approximately 0.52 per cent. of
the Company's issued share capital.

 

The Annual Bonus Award 2022 notification is made in accordance with Article 19
of the Market Abuse Regulations and further details required under Article
19(6) are set out below.

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Duncan Garrood

 2    Reason for the notification

 a)   Position/status                                              Director/Chief Executive Officer

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Empiric Student Property plc

 b)   LEI                                                          213800FPF38IBPRFPU87

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted

 a)   Description of the financial instrument, type of instrument  Nil cost options over ordinary shares of 1p each

      Identification code                                          GB00BLWDVR75

 b)   Nature of the transaction                                    Nil cost option award

 c)   Price(s) and volume(s)

                                                                                     Price(s)          Volume(s)
                                                                                     88.56p            125,483

 d)   Aggregated information

      - Aggregated volume                                          125,483

      - Price                                                      88.56p

 e)   Date of the transaction                                      14 April 2023

 f)   Place of the transaction                                     London

 

 

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 Empiric Student Property plc                                 (via FTI Consulting below)
 Duncan Garrood (Chief Executive Officer)
 Donald Grant (Chief Financial & Sustainability Officer)

 Jefferies International Limited                              020 7029 8000
 Tom Yeadon

 Andrew Morris

 Peel Hunt LLP                                                020 7418 8900
 Capel Irwin

 Carl Gough

 FTI Consulting                                               020 3727 1000
 Dido Laurimore                                               empiric@fticonsulting.com

 Eve Kirmatzis

 

The Company's LEI is 213800FPF38IBPRFPU87.

 

Further information on Empiric can be found on the Company's website
at www.empiric.co.uk (http://www.empiric.co.uk/) .

 

Notes:

Empiric Student Property plc is a leading provider and operator of modern,
predominantly direct-let, premium student accommodation located in high-demand
university towns and cities across the UK. Investing in both operating and
development assets, Empiric is a fully integrated operational student property
business focused on premium studio-led accommodation managed through its Hello
Student operating platform, that is attractive to affluent growing student
segments.

 

The Company, an internally managed real estate investment trust ("REIT")
incorporated in England and Wales, listed on the premium listing segment of
the Official List of the Financial Conduct Authority and was admitted to
trading on the main market for listed securities of the London Stock Exchange
in June 2014.

 

ENDS

 

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